- NYSE-listed CEA Industries with ‘VAPE’ ticker is rebranding after raising $500M for a BNB treasury
- The move highlights how the corporate crypto treasury model is being used for major rebrands
- The new leadership team includes high-profile executives from Galaxy Digital and CalPERS
CEA Industries Inc., a publicly traded company on Nasdaq, has announced a sweeping corporate transformation after securing a $500 million private placement led by YZi Labs. The funding kicks off a major strategic pivot for the company, which will now adopt Binance Coin (BNB) as its primary treasury reserve asset.
This move includes a complete rebrand to the “BNB Network Company” and a stock ticker change on Nasdaq from VAPE to BNC, which will be effective Wednesday, August 6, 2025.
Strategic Realignment with BNB Ecosystem
The funding round, detailed in a press release on Tuesday, attracted over 140 investors, including well-known crypto firms like Pantera Capital, Blockchain.com, GSR, and dao5. The deal is structured as a private investment in public equity (PIPE) that could eventually total $1.25 billion if all warrants are exercised.
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The company stated that the substantial new capital will be used primarily to acquire BNB tokens and strengthen its position within the BNB Chain ecosystem. While CEA Industries plans to maintain its existing business operations, this pivot signals a broader trend of traditional companies aligning their financial strategies with native blockchain assets.
New Leadership to Guide the Transition
To lead the new strategy, a new management team has been put in place. David Namdar, co-founder of Galaxy Digital and a senior partner at 10X Capital, has taken the role of CEO. He is joined by Russell Read, a former executive at CalPERS and Deutsche Bank Asset Management, who will serve as Chief Investment Officer.
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The company’s former CEO, Tony McDonald, will now step into the role of President, while 10X Capital’s Hans Thomas and Alexander Monje will join the board of directors.
Regulatory and Financial Advisors
The deal was managed by a team of high-profile financial and legal firms. Cantor Fitzgerald served as the sole placement agent and lead advisor, with Cohen & Company and Clear Street acting as financial consultants.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
